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January 29, 2025
Activity grew again by 0.8% q/q in 4Q24, driven by domestic demand despite weak net external demand. GDP growth was supported by an increase in hours worked, as productivity declined. Overall, GDP expanded by 3.2% in 2024, exceeding forecasts.
December 23, 2024
Activity returned to strong growth in the third quarter (0.8% YoY), driven by domestic demand. Consumption offset the sluggishness of investment and net external demand, which made a negative contribution to growth. GDP growth was driven by productivity, as hours worked grew by only 0.2%.
October 30, 2024
Economic activity grew strongly again in the third quarter (0.8% QoQ), driven by domestic demand. Consumption would have offset the sluggishness in investment. The contribution of net external demand was slightly negative. GDP growth was due to higher productivity, as hours worked increased by 0.2%.
January 30, 2024
Activity grew strongly in 4Q23 (0.6% q/q), despite the fall in most investment components. The improvement in activity is entirely attributable to the increase in employment, as productivity fell. All in all, GDP grew by 2.5% in 2023, slightly exceeding expectations.
October 27, 2023
The economy slowed down in 3Q23 (to 0.3% quarter-on-quarter) due to sluggish external demand and despite the good performance of most domestic demand. The advance in activity occurred in a context marked by a marginal increase in both hours worked and productivity per hour.
October 19, 2023
Presentation for the Conference on Real-Time Data Analysis, Methods, and Applications hosted by Bank of Spain. We apply National accounting principles to obtain real-time, high-frequency Big Data consumption indicators with many applications.
March 24, 2023
La economía creció el 0,2% t/t mostrando una composición atípica de la demanda en la que las principales partidas cayeron con fuerza y se dio un intenso proceso de sustitución de importaciones. En este contexto, las horas trabajadas disminuyeron (-0,1% t/t) y la productividad por hora aumentó (0,3% t/t).
December 23, 2022
The economy slowed somewhat less than expected (to 0,1% q/q), largely due to the resilience of private consumption and exports, as well as to a smaller-than-expected deterioration in investment. In this context, total hours worked declined marginally and hourly productivity increased.
September 28, 2022
We provide the first proof of concept that naturally occurring data from millions of financial transactions can be harnessed to estimate national accounts in real time and high definition
July 29, 2022
The economy accelerated more than expected (to 1.1% q/q) due to strength in private consumption and construction. However, there are some less positive elements on the demand side, as growth was constrained by a decline in machinery and equipment investment and goods exports
March 25, 2022
The economy slowed in 4Q21 (2.2% q/q), but the composition of demand was virtuous. Specifically, growth was supported, above all, by investment and exports. Thus, 2021 closed with an annual increase of 5.1%, confirming BBVA Research forecasts
January 28, 2022
The economy slowed in 4Q21 (2.0% q/q), but the composition of demand was virtuous. In particular, growth was supported by investment and trade flows. Thus, 2021 closed with an annual increase of 5%, which confirms BBVA Research forecasts and places activity at 4pp of the pre-crisis peak.
